Net Power
NPWR on NYSE. Market value $74m.
Should I look at this?
We have not checked this company yet
This is not advice.
Who owns it
None of the long-term investors we follow own it. 121 funds in all.
Largest holders overall
- Share Andrew L.$16m
- HITE Hedge Asset Management$5mAdded
- Adage Capital Partners GP, L.L.C.$5mAdded
- BlackRock$4mAdded
- Peak6$3m
- Vanguard Capital Management$3mAdded
- Defiance ETFs$3mAdded
- Tidal Investments$3mAdded
- Sourcerock Group$2mCut
- Geode Capital Management$2mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- NPEH, LLCat least 21.0%−1.2 pts(filed with 1 related holder)Since 26 January 2026
What they said
The information contained in Item 4 of Schedule 13D is hereby amended and supplemented by adding the following information: Between December 19, 2025, and January 28, 2026, NPEH sold 1,295,220 shares of Class A Common Stock held by it.
Read the filing - 8 RIVERS CAPITAL, LLCat least 17.9%−1.6 pts(filed with 3 related holders)Since 13 August 2026
What they said
The information contained in Item 4 of Schedule 13D is hereby amended and supplemented by adding the following information: Between May 14, 2026, and August 17, 2026, NPEH sold 1,722,100 shares of Class A Common Stock held by it.
Read the filing - Cynda BeauchampSold down below 5%Since 2 November 2025
What they said
The information contained in Item 4 of Schedule 13D is hereby amended and supplemented by adding the following information: On November 2, 2025, Mrs. Beauchamp, who directly owned 100% of the outstanding equity of 8RCH, which directly owns 50% of each of Tillandsia, Areca and…
Read the filing - TILLANDSIA, INC.Sold down below 5%Since 27 October 2025
What they said
The information contained in Item 4 of Schedule 13D is hereby amended and supplemented by adding the following information: On October 14, 2025, NPEH effected the exchange of 4,000,000 Opco Units for 4,000,000 shares of Class A Common Stock. Upon such exchange, an equal number…
Read the filing - SK INC.Sold down below 5%Since 30 July 2025
What they said
The information contained in Item 4 of Schedule 13D is hereby amended and supplemented by adding the following information: On July 30, 2025, SK, which directly owned 100% of each of Tillandsia, Areca and Chamaedorea, sold its interests in each of Tillandsia, Areca and…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
NPEH, LLC | at least 21.0%−1.2 pts (filed with 1 related holder) | 26 January 2026 | What they saidThe information contained in Item 4 of Schedule 13D is hereby amended and supplemented by adding the following information: Between December 19, 2025, and January 28, 2026, NPEH sold 1,295,220 shares of Class A Common Stock held by it. Read the filing |
8 RIVERS CAPITAL, LLC | at least 17.9%−1.6 pts (filed with 3 related holders) | 13 August 2026 | What they saidThe information contained in Item 4 of Schedule 13D is hereby amended and supplemented by adding the following information: Between May 14, 2026, and August 17, 2026, NPEH sold 1,722,100 shares of Class A Common Stock held by it. Read the filing |
Cynda Beauchamp | Sold down below 5% | 2 November 2025 | What they saidThe information contained in Item 4 of Schedule 13D is hereby amended and supplemented by adding the following information: On November 2, 2025, Mrs. Beauchamp, who directly owned 100% of the outstanding equity of 8RCH, which directly owns 50% of each of Tillandsia, Areca and… Read the filing |
TILLANDSIA, INC. | Sold down below 5% | 27 October 2025 | What they saidThe information contained in Item 4 of Schedule 13D is hereby amended and supplemented by adding the following information: On October 14, 2025, NPEH effected the exchange of 4,000,000 Opco Units for 4,000,000 shares of Class A Common Stock. Upon such exchange, an equal number… Read the filing |
SK INC. | Sold down below 5% | 30 July 2025 | What they saidThe information contained in Item 4 of Schedule 13D is hereby amended and supplemented by adding the following information: On July 30, 2025, SK, which directly owned 100% of each of Tillandsia, Areca and Chamaedorea, sold its interests in each of Tillandsia, Areca and… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 9 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 6 later 8-Ks.
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On March 17, 2025 , the audit committee (the “Audit Committee”) of the board of directors of NET Power Inc. (the “Company”) dismissed Grant Thornton LLP (“Grant Thornton”) as the Company’s independent registered public accounting firm.”
From an 8-K filed 21 March 2025: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.